Reso 2014-2277 - Laserfiche WebLink

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15.1.1 CONTRACTOR may requisition payments for Work completed during the project at intervals of not more than once a month. The CONTRACTOR shall submit a proposed schedule of values in a form acceptable to the CITY and which will be required to be approved by the CITY before any design Work on this Project can commence. The proposed schedule of values shall be broken into two phases for design and for construction. Once approved all applications for payment shall be submitted in a form that shows a complete breakdown of the project components, the quantities completed and the amount due, together with a certification by the CONTRACTOR that the CONTRACTOR has disbursed to all subcontractors and suppliers their pro -rata shares of the payment out of previous progress payments received by the CONTRACTOR for all work completed and materials furnished in the previous period or properly executed releases of liens by all subcontractors, suppliers and materialmen who were included in the CONTRACTOR'S previous applications for payment, and any other supporting documentation as may be required by the CITY. Each requisition shall be submitted in triplicate to the CITY for approval. Invoices will be due and payable within thirty (30) calendar days after the date on which the invoice is stamped as received by the initiating City department. Payment will be made only for approved invoices. 15.1.2 Ten percent (10 %) of all monies earned by the CONTRACTOR shall be retained by the CITY until the Work is completed in accordance with the requirements of the Contract Documents and accepted by the CITY as provided herein. After fifty percent (50 %) of the Work has been completed, the CONTRACTOR, may request reduction in the retainage to five percent (5 0/6) of all monies previously earned and all monies earned thereafter The City shall review the Contractor's request and approve or reasonably reject the request as required by Florida State Statute. 15.2 Final Inspection. Upon written notice from CONTRACTOR that the entire Work or an agreed portion thereof is complete, CITY will make a final inspection and will notify CONTRACTOR in writing of all particulars in which this inspection reveals that the Work is not in accordance with the Contract Documents. CONTRACTOR shall immediately take such measures as are necessary to remedy such deficiencies. 15.3 Final Application for Payment. After CONTRACTOR has completed all such corrections to the satisfaction of City Manager and delivered all maintenance and operating instructions, schedules, guarantees, bonds, certificates of inspection and other documents required by the Contract Documents, and after City Manager has indicated that the work is acceptable, CONTRACTOR may make application for final payment. The final application for payment shall be accompanied by (1) complete and legally effective releases or waivers of all liens arising out of or filed in connection with the work; or (2) CONTRACTOR'S receipts in full covering all labor, materials and equipment for which a lien could be filed; or (3) a final affidavit stating that all laborers, materialmen, suppliers and subcontractors who worked for CONTRACTOR under this Contract have been paid in full or if the fact be otherwise, identifying the name of each lienor who has not been paid in full and the amount due or to become due each for labor, services or materials furnished. If any subcontractor or supplier fails to furnish a 29